A record has been reached in Ethereum (ETH): Demand is increasing

EthereumThe combined transactions per second (TPS) of the Ethereum ecosystem reached an all-time high with the sudden TPS increase in Ethereum layer-3.

L2BEAT information shows that Ethereum scaling networks, including layer-2 and layer-3 blockchains, recorded a total of 246.18 TPS on June 16, which equates to an estimated 21.2 million processes throughout the day. More than 41 percent of these transactions occurred on Xai, a new ETH layer-3 scaling solution focused on gaming applications.

The increase in Xai adds activity to the Ethereum network

Before June 10, Xai’s TPS was hovering around 1 per day, but since then it has increased almost every day, reaching 101.72 TPS on June 16. Base and Arbitrum rounded out the top three with TPS of approximately 33 and 21 on June 16. In fourth place was Proof of Play Apex, another gaming-focused Ethereum layer-3 scaler launched by Offchain Labs.

However, the total value locked (TVL) in Xai and Proof of Play Apex remains relatively small at $1.38 million and $695,000 respectively. By comparison, TVL’s two largest Ethereum scaling cryptocurrencies, Arbitrum One and Base, currently secure $18 billion and $7.6 billion.

Some analysts believe that TPS is an overrated metric when measuring the performance of blockchains.

“It’s like counting the number of bills in your wallet but noticing that some are singles, some are twenties, and some are hundreds,” Steven Goldfeder, co-founder of Offchain Labs, explained in an interview with Cointelegraph Magazine earlier this month.